So, not so much money found, but money not spent. With the sale of my condo last year to get me through college these next few years, I expected to pay about 30 large for capital gains tax. I picked up my taxes from the accounting firm today and in looking at the return, I noticed that our liability was only $9k. Wow!
I signed the return, paid the receptionist, and left. I called the wife from downstairs to tell her the good news and she said I should go back and find out from the receptionist why this huge disparity.
She told me that when I had a renter in the condo, the wife and I were making a more money than we could write off on the condo for depreciation, but now that we're down to a single-income family, we can now take the depreciation on the condo, offsetting the capital gains taxes.
Happy Day!!!
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